Campbell Tyson Blog

General Tax

Do you do jobs for cash? If so do they make it into your tax return?

The IRD have recently announced that they will be focusing a considerable amount of resource on undeclared income. This will include reminder letters on tax obligations to taxpayers in high risk industries and an increase in audit activity. The IRD have access to a wealth of industry data and other techniques which means that it is easier than ever for them to identify under declared income.

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The 2015 Budget brought in several changes to property tax law with effect from 1 October 2015.

There are two significant changes. One is that you need to provide additional information when buying or selling property. The other is a “Bright Line” test to determine if gains are taxable.

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The Government announced in its last budget that they intend tax sales of residential land that has been owned two years or less.

The use of the term "Bright-line" refers to a clear connection between an event and a tax outcome, something they are seeking to do with the legislation that is currently only at Bill stage. This means that Parliament still has to clean it up before it becomes law. What is unsettling is we will all be caught by it in a matter of weeks, with 1 October 2015 being the magical date.

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The new British government's summer Budget includes two significant items affecting non-domiciled residents from April 2017.

Individuals who have been UK-resident for more than 15 of the past 20 years will become liable to UK tax on all overseas assets. Even if you managed to fly the coup, all non-domiciles' UK residential property will be liable to UK inheritance tax whether held directly or indirectly via an offshore structure. So if you have property back in ol' Blighty, it could still be in the net.

Tagged in: Accountants tax
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Changes to IRD payments

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From 1 October 2014 the Inland Revenue Department (IRD) are changing the way they accept payments. These changes mean that you will no longer be able to use the Westpac bank to drop off cheques, returns or forms. In addition, payments made by cheque must reach the IRD on or before the due date or risk incurring late payment penalties and interest. Previously the IRD had counted returns as on time so long as they had been posted by the due date.

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